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27 August 2020 | Retail

Wholesaler Parfetts sell closed store to experienced local retailer

Specialist business property adviser, Christie & Co, is delighted to announce it has completed on the freehold sale of Pecks Hill Convenience store in Mansfield. The store is located in the heart of the community on the busy B6030 between the town centre and the Forest Town estate.

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Following the stores closure in February 2020, Christie & Co were instructed in May by wholesaler A.G Parfetts to run an open marketing campaign to sell the business. A.G Parfetts & Sons, who are based in Stockport, operate a small group of company owned stores, in addition to their large wholesale business.

Despite the COVID 19 lockdown, Christie & Co received significant interest in the store particularly from local operators who could see its potential. Parfetts had also secured planning permission to extend the upstairs living accommodation and create a takeaway unit to the side of the store, which drove additional interest amongst potential buyers. 

The successful buyer was local Costcutter operator, Sid Odedra who operates a store close to Pecks Hill. Sid plans to utilise the planning permission to extend the first-floor accommodation, as well as extending the convenience store and completely refurbishing the trading area.
 
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David Morris, Director within the Retail team at Christie & Co handled the sale and comments, “Despite launching the store to market during the height of COVID 19 lockdown we received significant interest that included 14 offers. The store has great potential and retailers identified this very quickly. We were able to complete the sale in a very short timeframe, launching to market mid-May and completing  in mid-August, which demonstrates that the demand for convenience stores has increased due to the support they have given local communities during the pandemic.”

David Grimes Managing Director of Parfetts adds, “After taking the decision to close the store due to unforeseen circumstances, we were keen to achieve a sale promptly but were unsure if this was possible due to the COVID 19 lockdown period. We are delighted with the result. We would like to thank Dave Morris from Christie & Co for his hard work during a very challenging time in helping us to achieve a sale.”

Sid Odedra hopes to complete his work to the store as soon as possible so that the store can re-open early 2021.

For further information on this press release, contact:
Bronte Hughes, Corporate Communications Executive
P: 020 72270794 or E: bronte.hughes@christie.com
 
Contact the agent:
David Morris, Director – Retail
P: +44 (0) 7712 198 835 or E: Dave.Morris@Christie.com